Family Bank Puts on Offer 800MN News Shares to Raise Ksh.10BN

Family Bank received formal approval from shareholders Wednesday to offer up to 800 million new shares through a rights issue.

This will increase the Bank’s issued authorized Ordinary shares from the current 1,500,000,000 Ordinary Shares to 2,300,000,000 Ordinary Shares.

Through this increase in Ordinary shares, the Bank targets to raise up to Ksh.10 billion in the medium term.

“Through this capital raise, we are positioning the Bank for the next phase of growth which will position the bank as a choice bank for our existing and potential clients through customer-first service delivery not only in Kenya but also in the region,” said Rebecca Mbithi, Family Bank Chief Executive.

The capital raise will be achieved through a mix of a rights issue and from new shareholders via a private placement. 

The funds raised will go towards strengthening the bank’s capital base, for local and regional growth plans, driving investments in IT infrastructure and new product initiatives and supporting onward lending activities.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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